Act Repealed Latest version as at 21 July 1920 (as enacted) | 1920 No 2

Customs Amendment Act 1920

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Section 121 of principal Act (relating to rates of exchange in the case of invoices expressed in foreign currency) amended.

Customs Amendment Act 1920

Public Act		1920 No 2
Date of assent		21 July 1920

	Title
1	Short Title.
2	Section 121 of principal Act (relating to rates of exchange in the case of invoices expressed in foreign currency) amended.

An Act to amend the Customs Act, 1913.

BE IT ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title.

This Act may be cited as the Customs Amendment Act, 1920, and shall be read together with and deemed part of the Customs Act, 1913 (hereinafter referred to as the principal Act).

2 Section 121 of principal Act (relating to rates of exchange in the case of invoices expressed in foreign currency) amended.

(1.)

Section one hundred and twenty-one of the principal Act is hereby amended by adding to subsection one the words “In any such case the Minister may fix the rate of exchange by reference either to the banking rate of exchange or to the mintage rate of exchange.”

(2.)

For the purposes of the said section one hundred and twenty-one as amended by this section the term “mintage rate of exchange” means the rate of exchange computed with reference to the relative values of the sovereign and of the gold or silver monetary unit of the country of export and the term “banking rate of exchange” means the rate of exchange computed in accordance with the practice of bankers for the time being.

Customs Amendment Act 1920